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Us 18, Irs 12, Turkey 11, Washington 11, United States 11, U.s. 9, Benghazi 9, Syria 7, Obama 6, Peter Barnes 5, Nicole 5, S&p 5, The Irs 5, Texas 5, Spiriva 5, Cisco 4, Brian Gardner 4, Warren Buffett 4, Copd 3, Payne 3,
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  FOX Business    Markets Now    News/Business.  
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    May 16, 2013
    11:00 - 1:01pm EDT  

it's yours. connell: that's the best you can do? venezuela runs out of the toilet paper? great imus experience this morning. dagen: stop sucking up. >> his weekend plans, if you didn't see it, go online and watch it. i'm connell. dagen: who did it? the president jetsons the acting irs commissioner, but the concern is who made the call at the irs to go after those conservative groups? more republicans are saying they want someone to serve time over this. connell: wal-mart sales down, unemployment lines growing faster than expected, and the debate on where the economy is really headed. >> rising cost of natural disasters like the deadly tornadoes in texas. those stories and, oh, so much more coming up on "markets now." ♪
connell: is situation when you mean it when you say "so much more"? dagen: a lot going on, and maybe we'll share what goes on in the commercial breaks and before the commercial breaks. you don't care. i do. we care about stocks. every 15 # minutes we check in with nicole. what's going on? >> i'm sure the viewers would be interested to know what goes on before the show and duller the commercial breaks. the markets, a mixed bag, nasdaq up about a quarter percent, dow and s&p pulling back after record setting days and more record setting days. the s&p closed nine out of ten sessions with record highs. today, a mixed bag, cisco after a great quarter up 12% and adding big time to the dow jones industrials. on the other hand, wal-mart, you noted, missed numbers and under pressure. tesla trying to raise cash,
buffet investing, and weak economic news. back to you. dagen: thank you. connell: an hour from president obama taking questions following a joint appearance from the prime minister of turkey, and with the questions, the irs scandal will surely come up. dagen: better be. rich edson has more on what the president might say or do. rich? >> they call the president's response last night swift and appropriate, and republicans looking for me. meanwhile, a white house official says president obama will appoint a new acting commissioner of the internal revenue service this week, this, after last evening treasury secretary jack lew asked for the resignation of steven miller, the acting irs commissioner, supposed to leave next monthnyway. republicans blame the administration. >> this is run away government at its worst. who knows who they'll target next. it's going to be a complete and
thorough investigation of this in congress, not only who abovat the ranking file believed was their mission. connell: mcconnell says it should be a sweeping administration-wide investigation to see if it happened in other places other %-we don't know who set the criteria in place to target conservative groups who were applying for tax exempt status. president obama last evening took to the east room of the white house ensuring americans it will not happen again. >> up excusable, and americans right to be angry about it, and i'm angry. i will not tolerate the behavior, but especially in the irs given the power and reach it has in all our lives. >> hearings begin here tomorrow on the house sides, ways and means committee next week, and senate finance committee and house oversight and government
reform committee gets business -- busy on the irs story. >> thank you, rich. dagen: three all stars that we brought in to discuss this. connell: good panel in arizona. the commissioner is with us, and here at new york studies, welsh in the criminal reason and defense attorney. i think we should start with mark, talking about the irs, something you know a lot about. this guy, steven miller, i don't know that you know him personally, but he was leaving anyway, forced out by the administration after the scandal broke. what do you think of it? >> steve was at the end, frankly, only serve for six months. let me say, if i can, i just, for anybody who worked at the irs and certainly, when i was there, i had nothing but respect for everybody nay tried to do the job right down the middle. this is a great tragedy, sad, and horrible sit of events.
they hurt the fates, if you will. >> how would it happen? if the people who work there are so right and good and working for the better of the country, then how the heck would this go on? >> well, that's what is troubling. the report, the inspector general report makes it clear that when there were a lot of applications that came in for these c4 status, which all grew quite a bit after the supreme court decisions, citizens this group was overwhelmed, and they took it upon themselves to develop the totally inappropriate, inexcusable criteria, targeting tea party and right wing groups. there was no reason for that. then the service, in the management structure, was very slow to correct those problems. connell: we have talk now over the last couple days turning to possible criminal charges, activities, authored, and matt, your take on that whether it's
the conversation? >> it has to be a part of the conversation, absolutely. i just left supreme court, ran here from court. if all clients who did something wrong or illegal, big punishment was they lost their job. boy, i'd be out of business. i mean, people -- connell: well -- >> if they violate crimes, there's a price to pay, and their an extension of the irs code punishable by jail, and, obviously, obviously the federal criminal code so the attorney general's how off will probe it. there's a better taste and less conflict of interest if there's an independent council. in my opinion, it's a case ripe to have someone from the private sector, come in, give resources, and let them investigate with clean hands. dagen: i mean, as a citizen, the irs scares the crap out of me and always has, so in the power they have is vast and at times
frightening, and, matt, to the point, you fire people, prosecute it, people who are behind this, would it change the way the irs operates, and would it prevent something like this from happening again? >> two big questions. one is was there some kind of politicized order? were they abusing power and going after the groups for their gain? that will be invest gaited, and it should be, but the second question is more even kind of troubling to me is what if this is just an example of pervasive institutional bias? what if this is just a normal reaction of irs employees who, by the way, donate more money to the democratic political candidates than they do republican candidates. connell: mark, you heard what matt said, what's the reaction? >> well, my experience with the agency was right down the line if people wanted to steer clear of politics, they did the best to, if anything, sometimes too conservative, and my worry here
is the agency draws back and not do its job because it's so shelf should -- shell shocked, but the allegations are serious. as mentioned in the set up piece, three congressional hearings, they'll get to the bottom of who knew what, when, and all the issues up and down the chain of command. >> did you see anything close to this in your time in the irs? not at all. there's a contrast. in 2004, we, at my request, instigated a look at political intervention by churches and charities in the 2004 election cycle. there were concerns about conservative groups in ohio. there was a panel out of texas that reviewed complaints. there were complaints, ultimately, the naacp alleged they were singled out right before the election. this generated controversy. i had the same group come in and do a look at it, and they concluded that there was no political interference. in fact, over half what we
looked at were the republican leaning organizations. remember, i was in the bush administration. this was done appropriately. it was balanced. i can tell you that. the agency knows how to do it. what happened here is truly shocking. >> yeah, my favorite quote was in the washington post today from somebody in the san fernando valley, patriots group, pretty much a protocology exam through your ear. it was a woman, like she'd know, but talked about how they were treated. this will be a document fight, will it not, between republicans, the irs, and the administration potentially? >> yes, but it shouldn't be. that's what i'm saying. it should be a nonpolitical person, somebody, there are people out there, former united states attorneys who just come in and have clean hands and examine this from the most objective aspect possible, and think about all the money that was lost. i'm sure people fought the irs. the people who were inappropriately targeted.
they had to lay out all types of money. you know what the awe difficults are about or fighting to get status. there's a loot of fallout that i don't think we have even touchedded the surface of. connell: you talked, matt, about -- and mark answer the the question about whether it's cultural or not. we talk about how the irs has a history. go back, political targeting is not brand new. is that what you refer to with culture or more recent? >> it's even more of, like, you know, talk about media bias, for example, i worked in newspapers. journalists, themself les say we don't have an agenda, not bias, but there's a bowl they are swimming in. they don't feel the water. was the irs, people in the cincinnati office, is it that they didn't feel the water? trying to do their jobs as they understood it in the culture we had in 2010 where there's a will the of anti-tea party hysteria drummed up by the media and the white house. is that normal nonpartisan doing
their job from their point of view? that, to me, almost as troubling as if it's a naked abuse of power. how do you root that out and point a finger there? dagen: mark, finally, what do you want to see happen here that makes you feel secure that these problems are fixed for good? >> well, first of all, the president needs to nominate promptly a confirmed commissioner. somebody who will take the job. the job's been open for six months. he needs somebody in charge to go through the senate, if you will. all these investigations need to be done promptly. it's horrible to have a criminal investigation from the justice department sitting over in the service, so i just hope everybody moves expeditiously, get in a new strong leader, and you move forward to restore faith within the agency, and for our citizenry as a whole. too important job. dagen: mark, thank you so much. mark and author, always fired
up. i have his cell phone number in the phone just in case. >> yeah, we never -- dagen: i do, i do. >> too clean alike. dagen: key somebody's car. mat's not going anywhere, with us next hour talking on the economy. gentlemen, thank you, both. >> thank you. connell: so much to get to. ten tornadoes struck small towns near the dallas area leaving a trail of destruction. the rising costs of storms like these coming up. dagen: wal-mart's laidest news does not bode well for the entire economy. you know what also doesn't? sky high oil prices. look at where oil is trading today, close to, well, now above $95 a barrel. that hurts. ♪ (announcer) at sttrade, our clients trade and invest
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connell: how's the red bull? all right. charles payne is coming up. dagen: i think you can appreciate an energetic co-anchor. connell: absolutely. charles payne right after nicole. >> an energetic show. the dow jones industrials up 20 points and at least you can give that credit to cisco systems, which is a leader in the dow jones up 12%, a huge move on the heels of the quarterly report yesterday, beating the top and bottom line, and several a.m. uses coming out and raising price targets; right? hindsight's 20/20. it traded almost at a year high back to 2010, but the price targets up to 26 # bucks. not like they are saying 30 or ubs, protection, with a buy rating, and put the ratings from
26 to 25. connell: all right, nicole. dagen: making money with charles payne looking at russia. connell: so global, charles, you are. >> if you can't go, live threw the stock market. the yndx, this mentioned before, false starts, pulled back, didn't break out, and i think now, you know what? forget it. it's breaking out. this is a real great break out. strong volume, and they are doing great things. figure quarter revenues up 36%, operating income up 57%, mar gyps increased, net income up 79%. 61% of the share in that, and i like that shares going up quarter over quarter, year by year, and advertising quarter over quarter, 26% year over year. they are firing on all cylinders and worth chasing. dagen: talk about though, the chart, though, make you nervous?
>> no, emboldens me, you breakouts, you know, it's almost every morning i do a morning trading idea, you know, and often i find myself chasing stocks up, like, everybody four bucks, and i'm happy by the enof the day, within a couple hours. this is just a major breakout. go out to the five-year chart or longer so you are comfortable because a lot of the names traded higher, and it's good, to know a stock has been there rather than uncharted territory. it's good for those intimidated by buying breakouts. connell: talking about our own economy, and you'll be on in a few minutes after wal-mart today and the economic figures. see you for that. >> absolutely. dagen: thank you so much, charles. tornadoes tearing apart texas, completely leveling homes, injurying dozens. we talk with maria malina for the weather forecast for much of the countty.
connell: devastating. the unemployment rate, 7.5%, and charles' jobless claims on thewe economy. that's still ahead. first, some of the world currencies today and how they shape up against the dollar. ♪
>> 23 minutes past the hour, this is your fox news minute. afghanistan first. a homicide bomber killing 15 including six americans, two u.s. soldiers, and four civilian contractors. now, there was a car that was loaded with explosives, and it reportedly slammed into a nato convoy in kabul, an islamic militant group claims responsibility for that. standing by because president obama is expected to hold a news conference in 40 # minutes. he'll also meet later with military leaders including defense secretary chuck hagel to learn what steps the armed forces take against sexual abuse. a pentagon report showed an estimated 26,000 sexual assaults in the military. that is a 37% increase over just last year.
david beckham retiring, the 38-year-old signed with manchester united as a 14-year-old, the former english captain won championships in four countries and six seasons with the los angeles galaxy won who major league soccer titles, two more games left with the current team. these are your headlines, back to you guys. dagen: thanks so much. connell: several tornadoes in texas last night, six confirmed dead, hundreds homeless adding to the cost of natural disasters across the globe. the numbers in at .5 trillion. back to the year 2000, from a u.n. report, and more to come. dagen: maria has more on the weather across the country. maria? maria: good to see you, good morning, everyone. we're talking about several tornadoes that touched down yesterday in the overnight hours
and during the evening hours across ports of north central texas, and here's a look at what the radar looked like at that time. about 5 p.m., 6 p.m. central time, they went to the city of dallas, east ward, and at 7:15 p.m., local time, that's the time that we did see a possible tornado on the ground in the city of sunset and also that storm developing in the city of grandberry. grandberry, itself, 70 miles west, southwest to the city of dlas. a strong storm that just didn't produce tornadoes, but winds up to 80 miles per hour and large hail, baseball sized and reports of grapefruit sized hail, more than four inches in diameter. large hail reported with the storms, and, again, the storm that ripped in granderer ri, that is estimated to be a mile wide, and, of course, we'll continue to see survey crews heading out, surveying the
damage, and confirming the tornadoes and estimates what they had, and just looking at the damming, there were homes that seemed to have been completely leveled meaning a higher tornado, possibly greater than ef3 strength. temperatures are 97 degrees over the next couple days, very dangerous stuff if you are without power, make sure you have a way to go to an area that you can get air-conditioning, and another storm system is expected to develop as we head into the weekend producing severe weather across the midwest and even the central plains into saturday, sunday, and even into monday so all the ingredients, again, coming together for another severe weather outbreak. dagen: thank you so much, maria. connell: back to business with walmart, sales suffering, so the question coming up, what, if anything, does that say about the bigger economic picture? dagen: big oil bearing nations
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right now. down nearly 2% on the day. they came out with their quarterly numbers and same-store sales. they talked about tax pressure on some of the customers. the other thing that i noticed a trend between macy's and walmart. bases noticed the low end consumer was having a hard time. what we are seeing, though, they suggested that the profit would again ms. their numbers. really talking about a tough time for walmart at the moment. connell: thank you, nicole. dagen: jobless claims hit their highest level in over six weeks. it rose to 360,000.
with all of that in mind, what is the deal with this disappointing set of economic figures? are you still thinking the stock market is great, but the stock market is not necessarily? >> despite, walmarts numbers, this earnings season, we saw a lot of companies where america came in stronger than expected. it has been a long time since you been able to say that. for me, the american public is still not buying into this. the only thing that i think is happening is people are not living for tomorrow. our savings rate has gone down to 2%. we are not taking the bait. we are not buying things on credit cards. we certainly are not paying for
college. dagen: jeff, you are not worried about the economy or the market, are you? >> no, i am not worried about either one of them. i would not read a whole lot into that. our fundamental analysts downgraded a few months ago on valuation. you know, there are probably better places than walmart right now. connell: do you want to give us a few of those? >> we still like the drug retailers.
we think walmart and friday both look good. walgreens made an acquisition here a few months ago. they have gathered themselves together. the stock is up from about 37 to 50. dagen: for more might grow to more macro. jeff mentioned obamacare. with all of though, for lack of a better word, scandals we have had in the last week, in terms of miscommunication, government agencies not be managed appropriately, big picture, a long-run, how can this country continue to grow if the government will only get better from here. >> right after barack obama got elected would did he inherit.
if we are not careful, if we make the wrong decisions, we will follow in the footsteps of japan. we will kind of havv slow malaise for a lost decade. we will spend a lot of money badly. all of this came to pass. i am not satisfied with an economy where you have a labor force lower. we will have this for a while. we did not address the underlying problem at all of the financial crisis. we digested this huge stimulus bump him and never cut spending after that. charles was saying that some of these companies have been telling us something different than what matt was saying.
where do you think the economy is right now, just jeff? >> they say companies in the u.s. accumulate $1 million of intangible capital a year. apple spent a lot of money developing and perfecting itunes. they can write off the research and development costs, but now that they have it, what is it worth. i think you will see the gdp figures get revised upward when the bureau starts to include intangible capital in the figures. charles: when you are just asking, you used the word derives, we are surviving. a lot of people say, we will be greece. i do not disagree.
this is the greatest economy ever built, ever designed in the history of the world. we are not going to collapse overnight, but are we firing on all cylinders? not even close to it. you will have this sort of thing where people look up their window and they cannot believe that the dow is at 15,000 when their world is still in the same malaise that it has been in for a wild. connell: obamacare has not really started yet. the restrictions on employees will start really kicking in in the next couple three years. connell: fight back here a little, jeff. i know you disagree. >> well, the real estate recovery is for real. the auto sector is for real.
i think they are firing on maybe not all eight cylinders, but they certainly are doing pretty well right now. there are bidding wars in downtown st. petersburg florida for condominiums. i think, the economy strengthens. i think it strengthens when you get into the back half of this year. i think the stock market will trade higher into the end of the quarter. then i think when you get into july, august, you will be subject to a potential the client of the double digits. dagen: the economy looks so great. >> i spent a lot of time in washington, d.c. pretty much connected on the hill. i think you will start things
about continuing resolutions. jeff, i just have to say a couple things. let's put an asterisk next to it. if we are talking about main street, first-time buyers around 30%, it was 32% a year ago. let's be a little concerned about the subprime auto loan. regular households still are too leery of whatever. connell: we have to run. >> charles, they will have to buy cars. the average life of a car is about 12 years. dagen: i will correct you. we have to buy pickup trucks. [ laughter ] connell: jpmorgan chase is
demanding that bloomberg news provided details. it comes after the bloomberg editor and chief apologized for the practice. we will have more on that coming up. dagen: not going away. not going away. neither are we. we will be right back. ♪ y. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited ward here's your wake up call. [ male announcer ] get e spark business card from capitalne and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button?
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the "wall street journal" has been planning to move for months. jpmorgan chase is asking bloomberg to provide details what information they were able to sleep. they have apologized for the practice and said it shut down last month. jpmorgan is one of bloomberg's biggest customers. berkshire hathaway is downgraded. it is putting all ratings on a negative outlook. that is the latest from the fox business network. giving you the power to prosper. ♪ copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatatment that hel open my obstructed airways for a full 24 hours.
you know, spiva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help your breathing suddenly worsens, your throat or tongue swells,ys or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. dagen: a new study from revenue watchers.
1 billion lives could be dramatically changed if their countries were more efficient in managing natural resources. connell: thank you for coming in. we appreciate it. which countries, in particular, stood out in the reports that you did? >> it ranges from the u.s. we have lots of countries from around the world. it is a massive study that we have embarked on. connell: which country was the worst at managing resources. >> a lot of work to really get
this sector it is really strong where you have over 5 million people in poverty in this country. connell: from the perspective of the united states, i think a couple of countries stand out. the other is afghanistan where we spent so much time fighting a war and spent so much money rebuilding the country which also did not do well. >> the middle east is the region that is performing the worst.
saudi arabia has $5 billion in the fund. we do not know what is going on. afghanistan, we are looking at a very different picture. it will help the country take advantage of its resources, but it really is not the information that is needed. dagen: how do you force this change or how do you even nudge it along. it is a lot to ask and it is a
lot to do. >> we have very interesting examples. lab area has really changed its course. it is doing fairly well on our index. they have disclosed the contracts and they are doing better as a result of that. you can really put those on the books and disclose the information and having a more vibrant society. dagen: please come back. it was great to see you. connell: apple announcing -- dagen: you can sit there for a sec. connell: apple announcing an apple download. the milestone was crossed
yesterday. it was a guy in ohio that did it. the app store was officially opened july of 2008. the rate of over 2 billion. dagen: the favorite phone at. connell: i hate when you do this. espn stuff. fox business app. dagen: we do not have all day. twitter. easy. connell: you are right. twitter is by far. way ahead of everything. 16.5% in april from march. that is not slowing one homebuilder down. we also have some of the winners today over on the nasdaq.
cisco is doing pretty good. we will be right back. ♪ are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. the wright brothers became the first flight. [ goodall ] i think the most amazing thing
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♪ dagen: here is one area of the economy that is not faltering. $495 million in sales. almost half a billion dollars. there were record prices set for 12 different contemporary artists. the top-selling piece of art,
one of jackson pollock's classic drip paintings. $58.3 million. connell: there is nothing i know less about fan art. new home construction around the country may have slipped last month, but that is not slowing down one homebuilder. jeff flock is in illinois with more. jeff: we are in the chicago suburbs. you have your overall starts down, but in the midwest, you are kind of building.
we have seen that in several communities that we have reopened in chicago. jeff: not a great day for the homebuilders. if you take a look at ryland, in the past year, you are up over 100%. you have done well. the homebuilders have done well. i think that reflects a strengthening market. you are seeing it in the actual numbers. the numbers of homes being sold. >> i want to put up the hot board of all the homebuilders today. you have restarted multiple communities here. we purchased three communities that were originally started by other builders. we put in a new sales center and
have seen immediate responses. jeff: the ryland chart, if you look at that comparison, you see name you're pretty well. more recently, ryland stock continuing to rise. you hear that noise? that is a good sound. saws and hammers. dagen: love the a nail gun. jeff: do not give dagen a nail gun. connell: that would not be a good idea. dagen: president obama expected to give a news conference coming up. connell: dennis and cheryl are coming up with more markets now. ♪ when visa signature asked everybody what upgraded experiences reallyly mattered.. you suggested luxury car service instd of "strength training with patck willis. come on todd! flap them chicken wings. [ grun ]
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. gerri: cheryl casone and breaking news this hour. wants to show you live pictures
from the white house, rose garden. president obama about pull the join news conference with the prime minister of turkey. the news conference on the books for some time but u.s. reporters will focus on europe in scandals involving the irs, the associated press and benghazi. dennis: and the president get in front and stop the scandals from devouring his specimen been a second term? we will hear from peter barnes, rich edson, republican congressman kevin brady, a member of the house committee holding hearings on the irs and brian gardner, senior washington analyst for cady w. cammed as we get back in eastern time and await the president is the top of the hour and let's check with nicole petallides. nicole: the kind of day we were watching started in the red, moved back in the green, go ireland, go florida and that is the environment we have been, this moment and that won't quit,
regardless of tough economic numbers, and those were disappointed again on the heels of what was yesterday, and manufacturing that were week. and not showing news, squeezing out a gain, thanks this go because that has been a great performer. walmart has been dragging on the dow, weakness same-store sales, that is tte environment overall as the banking index as an apparel and the drug index pulling back, the fear index is a little higher. cheryl: thank you very much. president obama once again, live pictures, this is the rose garden, you know this victor very well. the president is forcing the resignation of acting irs commissioner, continuing concerns about the siege of a key phone records and the attack last fall in benghazi, libya. the president's scheduled to meet with the joint chiefs about sexual assault in the military. a lot of issues on the
president's fleet. and the turkish prime minister, we bring it to you live. dennis: peter barnes joins us from the white house and rich edson on capitol hill and this could be a defining moment for the president's second term. rich: peter: the scandal trifecta he is trying to deal with and he tried to neutralize this before the press conference. he fired the acting irs commissioner steve miller, he released the interagency e-mails on the talking points to get that issue off the table and is supporting a new press shield law, federal law to help guard reporters when they are reporting on sensitive stories like the one with the a p. all three of these moves designed to get the president, neutralize these issues and we will see if he can get in front of them. cheryl: to rich edson, house
speaker john boehner when he came out of the front of the cameras and said people need to go to jail and walkaway that is the moment of drama i am sure will continue. and fired up about all the issues facing the president. rich: mitch mcconnell calling for an administrative why look at what the obama administration has done, whether there is any miss behavior elsewhere in the administration, the president saying congress should work together with the administration on this investigation. don't know who developed this criteria, we are looking at who developed this criteria and see if republicans and congress can get on the same age when it comes to obtaining documents. john boehner speaking this or we'll go calling the white house and administration and blaming them for remarkable arrogance. seasons we need to know where the facts are. someone made a decision to do this and i doubt it was a
low-level employee in the cincinnati field office. >> democrats have said the president acted swiftly, appropriately, firing, the administration, treasury secretary, firing the acting commissioner of the internal revenue service, white house official tells fox business the president will announce a replacement to temporarily head of the internal revenue service this week. dennis: another question, i could swear, maybe i am mixing of my scandals, i would swear attorney general eric holder came out in defense of the justice department action of going in to the associated press phone records, without going to be a the and asking, he defended it but his boss, the president, is proposing a tougher shield law to protect reporters that his attorney general or the justice department investigated. is that not a contradiction? >> it is good politics at a
minimum. lawmakers and others and media organizations and news organizations waiting to see exactly how the press shield law would be structured because there is talk that it might not have protected the associated press in earlier versions of that would have been an exemption in the case around national security. we are waiting to see what the fine print will be on that legislation. dennis: all right. cheryl: peter barnes and rich edson, thanks to both of you. let's bring a member of the house committee scheduled to hold hearings tomorrow on the irs, republican congressman kevin brady. thank you for being here. certainly tomorrow's hearings are going to be closely followed by many. what do you expect to hear from the now departing irs commissioner and do you think you will get the answers that you want? >> we are hopeful this is a bipartisan hearing called for by republicans and democrats. i expect it to be a discovery
hearing where we focus on who initiated this, who was involved in it and who approved it, and we now know despite two years of questioning from the ways and means committee, we now know not only were these groups targeted even though it was denied, donors have been targeted his own reformation has been leaked. we suspect it goes much broader than that but tomorrow is about really discovering more facts and more information. cheryl: we will be hearing from several, you will be hearing in particular from several groups not only former irs commissioner of the former head of the department from years ago a treasury official. as far as the treasury does this is something treasury secretary jack lew has been vocal about. they you think the president has said enough about the irs issued? do you think the white house has
not been in front of all three issues of benghazi, the i p and the irs? >> the answer is no. the white house knew about this three or four months ago and despite repeated requests from ways and means on this issue they said nothing about it, questioning -- simply to know who was involved in this just seems puzzling that handful supposedly of lower-level irs employees, implemented a major change in policy. i don't think that is the case but let this all lead to where it goes, we don't know how far it goes. this is a violation of trust. the irs friends people and the thought that they could use personal financial information and target you because of your political beliefs, that is why there is bipartisan requests to get to the truth.
cheryl: talk about being bipartisan the criticism of the white house you are correct on that. the former press secretary to president obama said at this point the president should in his opinion appoint a bipartisan commission, former irs official to look at the issue of targeting political organizations lead do you think that is something that should be done and do you think the presidential apologize at this point? >> i would like to see him take responsibility for his own administration and clearly we have three troubling situations where the white house crossed the line with their agencies targeting people politically, targeting the press organizations against misleading facts in benghazi but my frustration is simply the president takes no responsibility, as if he is a bystander and all this but my guess is as we follow this to its logical end that may not be the case.
cheryl: we are going to be watching tomorrow, looking forward about that hearing. thank you. dennis: will the economy suffer? we are joined by senior analyst brian gardner. thanks for being with us. the president faced a key test in the next few days and weeks. how he responds to this could dictate whether it goes away quietly and quickly or we end up going into a for a month? which way is it leading? >> so far they have been fairly aggressive on the irs side of the irs story. the first inclination is they're taking the first step to get this out of the way but it will not go away that quickly. they have done what they can. ultimately washington has very limited bandwidth. they can only digest certain things at a time and to the extent scandals dominate washington's attention policy debate the going to become more
complicated. when we get through the summer and the debt ceiling debate there is a chance what was going to be a heavy lift with the administration and congress to raise the debt ceiling becomes heavier. a growing lack of trust and the administration will be distracted and more complicated. dennis: even more difficult and stocks hitting all-time highs and the dow up 5 points. right now is almost as if wall street is deciding this distraction and diversion could be a good thing but gridlock is good for only so long. >> the old line that gridlock is good for stocks i don't quite agree with that. if you look back at history like people think it does. one reason the market has been going up is japan looks better, the european situation is stabilized, the u.s. debt ceiling situation has been pushed off, the budget looking little better. spending is down and the g s es
fannie and freddie molded to the government's total budget situation has improved, the actual debt ceiling debate has been put out a couple months the market does not have to confront that. the point i have been making is when it does confront washington is going to become a tougher all. the street is okay with what is going on in washington. i would pay attention to what this and september. when these scandals become more relevant for policy debate. dennis: the markets could be ok in that case still understand september, and what wall street says in the washington scandal picture, wall street is too jittery. >> when the white house starts digging its heels of a little bit, coming with e-mails and documentation for what went on in the ap scandal, and back to
benghazi, and any specific action wall street is looking for. there is no great eruption in any of these scandals. they take on a life of their own. dennis: thank you for being with us, appreciate it. cheryl: i want to show you live pictures of the rose garden. we are awaiting a previously scheduled, something that had been on the books, on news conference between president obama and the turkish prime minister, talk about several issues the u.s. reporters will get two questions and you can expect those questions will be around all the controversy the white house is dealing with right now. we will take a quick break and be right back. [ male announcer ] his current pace,
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cheryl: the real story is happening in washington, a live picture, reporters from both sides of the pond waiting for this joint press conference with the turkish prime minister and president obama. there will be limited questions we are told. the press conference is supposed to begin at any moment, so we shall see what exactly is going to happen here. you know what reporters are going to want to ask. dennis: rich edson is on capitol hill. peter, brian gardner of k b w washington just said previously vat he feels the president and his people could air by digging in too much but if you look at how they are already digging and i am wondering you have attorney general eric holder recusing himself from the investigation but then be sending it. i would swear i saw him in a
finger wagging confrontation with a congressional committee yesterday. president obama expressing anger but no apology. he fires the irs acting guy but he was going to quit anyway. is the white house digging in? or is the white house opening up? >> it is being forced to open up in some areas, relief finally these e-mails, all of this e-mail activity, the national security team on benghazi yesterday, republicans really forcing the administration's hands on that. it had been digging in but depends on the issue and sometimes the president has the upper hand and sometimes republicans have the upper hand. i know talking to republican member of congress yesterday they feel the scandals have given them ammunition to go after the white house. cheryl: tomorrow will be a big day. congressman kevin brady at the top of the hour, you were with
him as well and this hearing warehouse raise and means, the chairman of that committee all about the irs, today or tomorrow. when it comes to frankly drama. >> i say tomorrow and next weekend two more hearings on this issue, one in the senate and one in the house. talking to congressman brady on fox business, he says the problem for them, the issues if you look at the inspector general's report and that is where we are getting all of the information on what happened that the internal revenue service it really covers the middle of when the scandal was ongoing, when the internal revenue service was looking a little deeper into conservative organizations applying for a tax-exempt, the 18 month period but we don't know what precipitated, how did this start, who is responsible for developing this criteria and a year or so afterwards from may of last year until now after the irs figured this out the acting commissioner at the time and the
acting commissioner who was the acting commissioner yesterday figured this out, and what happened afterwards, was it squelched, why didn't they tell anybody within congress who were asking direct questions about this and all of these questions remain outstanding and that is something congress, committees controlled by republicans will look to figure out. dennis: the president was dismissing benghazi as a sideshow and partisan politics but the irs and a pea controversies have fed been gauzy and made benghazi get taken more seriously. what do you think? >> we had the testimony last week from those three state department career officials that put this right back into the public agenda and friday, a lot of these e-mails released yesterday have been sent to capitol hill and there were leaks coming from those e-mails and the white house finally felt
republicans were selectively leaking portions of those e-mails, wanted to put the whole story out and the e-mails prove the changes, the controversial changes of those talking points the elimination of any reference to terrorism or al qaeda were done by the cia and not the white house. dennis: stay with us, we are ready to start the presidential press conference. cheryl: i was going to -- obviously as we look at what is happening, live picture the question for everyone is going to be, those questions are asked, but the president if he tries to dodge issues when it comes to the irs, the a p today i don't think he is going to doo that. dennis: the crest is getting angry because the press feels personally offended by the ap case and might be more in temperate. we have to watch for that.
could doubt started down, up and down and back up, a 15,286, a jolt of bad economic news on a couple front earlier and the stocks hit yesterday. now time for a buzz kill, our next guest says this year's record-breaking rally for stocks is not all good news and like the fed did housing creating another bubble, and the chairran tells us -- you are putting money in this market. e.u. for stocks? >> staying with what we have but not adding new capital to the market because we feel we are playing musical chairs over an alligator pit and it is only a matter of time before people pull the tears away. cheryl: you say still when you can, not when you have to. with the dow at 15,000 approaching 300, you will be upset if you start selling now when the dow hits 16,000?
>> i am always willing to give up upside as opposed to losing money. when i make 10% instead of 12% i can live with that. on the other hand if i am down 20% by will be a very unhappy camper. we want people to be focusing on where the risk is and how to remove risk from their portfolio and let somebody else have a little bit of the extra on side in return for making sure they can sleep at night and they are protected if the tide does turn. dennis: the old line about kids getting slaughtered. the cash flow growth is far lower than the market and the market is ahead of that but what can now versus fall of 2007 last time we were this high. gdp 12% bigger, exports of 26%, a commercial bank assets of 20%, personal savings of 20%, this is a better economy. stocks go higher. >> a little bit of a better economy but by the same token we have come a long way from that point but when we look at
earnings themselves, companies have done a phenomenal job managing their business but they are not getting the revenue growth a need in order to sustain that growth. you can only squeeze so much blood from the turnip. you have got to get revenue growth to kickoff and it is have to see where that will come from. the economy is getting better but you are talking a market that is already discounting that improvement and we see evaluations are now at best reasonably priced and most likely little bit expensive and that leads to a potential problem when people start to get more concerned about the issues facing us for the next six, 12, 18 months. dennis: you see a 10% upside, stocks go from here at you see 30% downside that stocks will head down. when do we start getting out and what a little signal or two should we be looking for? >> great question and the answer is nobody knows. i will add to it.
the key is you have to sell when you can, not when you have to, stocks always go down so much faster than they go up. when people see the panic button, they will hit the panic button and have to escalate, gradually reduced positions. and be thankful for the upside but do not get caught flatfooted. you need to start selling. what to watch for. dennis: your recommendations are we short bonds with a lot of people have said, there is a bond bubble going to crash but they keep going up in price. do as well as the price of gold when gold is troubling and you like energy. no google. know tech. >> we own some google, we and some names like that. we would not be buying them today. trying to give viewers an opportunity where they can put capital, where they should be
allocating today. is clearly something where gold miners as an example we are probably early but we believe there's a double value over the next 24 to 36 months that come out 60%. we want to start accumulating those. energy still looks very good. that is the secular trend. when we look at bond the fed is going to take their paddle off of the accelerator and when they do long-term interest rates, not short-term but long-term interest rates are going to spike and people are going to be very, very sorry if they did not trend depositions or reduce their durations or if they're looking to make profits to shorten those bond positions as well. dennis: thank you for that, good day to you. cheryl: want to remind everyone you are looking at a live picture, we are told the president and the turkish prime minister at the top of the hour, and we will keep the shocked
and, obviously we will take that live when it happens but for now want to focus on something else this president knows a lot about and that is solar. a change has happened witt solar. these stocks have been on putter outperforming the s&p 500, 30% since april. sun power, standout company in all this, the stock of 200%, number of earnings beat, guess who is with us on set? tom warner, president and ceo, you have had quite a year so far. >> it has been a great year, great start, great analyst kelly huge opportunity. cheryl: as we look at this live picture of the white house the president is the topic of solyndra. do you think the solar industry has moved on from the controversy? >> solyndra was one company that happened fundamentally with fuller, the economics have improved dramatically and we are becoming a mainstream energy
source. the companies are separating themselves and sun power is one of the companies that channels the product, the balance sheet to be at real company, we are of real company and there is massive upside. solyndra was all 1 off. cheryl: that is good to hear. as we look at the industry today, things have changed. when you come out with earnings ten days ago you beat analysts' estimates, the stock went nuts and people said , there are survivors here in it is un first solar, your main competitor arizona based company. what do you think the future holds? can you both compete in this case and can you grow? >> no question we can compete. a real company making real money with a huge market upside because economics work now. what is going to change, what makes us different is we have the residential distributed power plus the power plants and what is going to happen is an
international business because energy is growing twice as fast in the far east as it is in the developed world so who can capitalize on that? we have the international footprint and the majority owner, in a great spot. cheryl: a french base company, as a reminder of those waiting on the prime minister of turkey, the middle east is also an interesting opportunity. looking over to see what can be done. >> massive opportunity. the opportunity costs, $5 a barrel, sony to the outside world for $95 a barrel, doesn't make any sense. who could solve that better than build -- big projects for warren buffett, it is credible and they have done business for 90 years at the economics make sense. it is going to be big. put to predict. gerri: you brought up warren buffett, sold two projects this
year. warren buffett making the plan, seems to have wall street following suit. not just from a stock perspective but also a growth perspective. analysts keep calling your overseas growth, middle east, north america. nervous about all this? a lot of pressure? >> no. the guy versification gives you that, so you get real results, gap results, generating cash, fundamental strength and energy is policy driven so you can't be overly dependent on one spot, warren buffett's stamp of approval made a huge difference. cheryl: one more question about the capabilities that you see with theses and residential solar. americans are more willing to lease a panel and the chinese panel seemed to benefit you and other u.s. companies. did the administration make the right decision? >> you know what is driving that is you bring in the declining
cost of the hardware and get economic renewable energy and consumers want that. now the terrorists make it harder for some competitors to participate in that but this is about being a solutions company. it is not about hardware but how you sell energy and this makes it a mainstream market that we are really well-positioned. cheryl: you are here for analyst day and i am sure the analysts were happy to see you today. tom warner, ceo of sun power, great and the one show, come back anytime. dennis: 30 past the hour, stocks every quarter hour and the dow is ambivalent as investors await the president. nicole: we are awaiting the president, anticipating that. at the ame time it is worth noting the dow jones industrials have broken to new record all-time intraday highs trading above 15,302, breaking
yesterday, 301. so bit by bit, little by little we break through those highs, we are not seeing that on the s&p 500 which is likely to the downside and the nasdaq composite up 5 points at the bank index doing well, the dollar has pull back, oil and gold don: gold pulling back $11, oil gaining a little bit on the dow jones industrials, we're seeing a mixed bag, names like walmart coming under pressure, retail index to the downside and discuss systems came out with great numbers and analysts raising across the board and as a result we are seeing cisco systems as a stellar performer. another thing worth noting is google on the move today, one of the analysts calling for google over $1,000 so it was a big deal when it broke 300 and a big deal broke through 900 and people going over a thousand on google but i did see it a short time ago moving into negative territory.
dennis: thank you, nicole. cheryl: pictures at any moment we expect to see president oberence with the turkish prime minister. this is a previously scheduled news conference that has been on the books for a while but the tone of the news conference has changed in the last 24 to 48 hours as we wait to see the president and the turkish prime minister. dennis: peter barnes is joining us from the white house and rich edson on capitol hill. and they were supposed to have this at noon and then 12:20 and now is 12:30. and the more controversial content, do you think? >> just that the leaders have a lot to talk about. the big issue they discuss is styria. the turks are concerned about chemical weapons and they believe they have evidence of that and so the president said
the use of chemical weapons would be a line in the sand for the united states but is waiting for further evidence, more details on that and still looking into it and that is a serious issue for the united states and turkey and we expect that will be the main international focus of this press conference that it is traditional when a foreign leader comes to the white house like this for a meeting or the president visits overseas that they have brief press conference to talk to the media about what they have discussed. there will be two questions for the american press corps and two questions for the turkish press corps. cheryl: peter, stay here. i think what you brought up that you brought up the issue of syria and the fact that that is something that really has taken a backseat on the front page of every newspaper.
can the president focus effectively on what is happening overseas while he has a crisis of confidence at home from his own party? peter: it pushes the president's agenda out of the line. the president is trying to have conversations with the american people about gun legislation, immigration reform, budget policy, but when he has to come out and make a statement because of the irs scandal, that is what is leading the nightly news and that is what is on c-span. it is a distraction for the white house and it is doing everything they can to get this off the table so the president can go back to business.
dennis: even democrats have come out and condemn some of the latest scandals. we had a guest yesterday that said democrats could abandon the president. don't they have all the force to get behind the president instead of criticizing the president? peter: absolutely. it has been a very fine line. it is interesting when you talk about the president's agenda. so much what the white house does, it is the pressure from outside. we have seen how that has worked over the last couple years.
it has not really worked at all. it does hamper the ability to try to push from outside to try to pressure congress from outside to try to get things done. you are talking about then members of congress. the fact that these scandals have been breaking, does not change that. cheryl: you now have three congressional hearings. just on the irs issue alone. is anybody on capitol hill ready
for that whatsoever? peter: i am sure it will not get a vote in the senate this time. @here are different house committees with different jurisdictions. they want to get in on this investigation. with all that with the london will case. we will continue to see that. the issue for the white house is there is so much left outstanding. the irs refused to explain what was happening. there are a lot of queetions. there are folks on capitol hill that will not only take that. they will have their own investigations. they are absolutely looking for some type of investigation from the white house.
dennis: it is starting to rain there over at the white house. could this speed things up or will it cause it to delight even more? peter: i hope it gets done before the rain comes. i think i will check my radar app which gives us the doppler to see how bad it could be getting here. cheryl: all right. we are waiting and we have been waiting for almost 40 minutes now, frankly, for this joint news conference. they have been holding meetings. the discussion will be focused on syria.% there has been a lot of fire between the syrian and turkish
governments. when we do hear this news conference and they each make a statement and they talk about the bilateral conversations and all that good stuff, peter, there will only be two from the u.s. press corps. will they do the combo? i think i am kind of dissecting it a little bit. peter: if the white house wants to do it this way and try to limit the questions for damage control purposes, go ahead and try. we had one of these last week, the president of south korea, there was one question for both sides. the associated press got up and asked number one, what about this and number two, what about this and number three, what about that?
it will not stop the press from doing their job. i assume the president will have a full-blown press conference in the future. this does not stop reporters and the media from doing its job. cheryl: we have seen this play over time and time again. one of the things that we saw earlier with the issue of the irs was that he was incredibly angry. he said it should be investigated. he is getting blamed, frankly, by the press. dennis: his spokesman said the president only heard about this on friday from press reports. how come they were not instantly involved on friday? the question some people have is
he angry about the irs doing bad things or is he angry instead that the press is asking all these irritating questions? cheryl: frankly, brian gardner, it is because of the ap. the associated press. suddenly, to hear that those guys have their phone records grabbed an book that without even having a chance to argue about it, it suddenly becomes a little more personal. cheryl: we are being told that we will go ahead and take a quick commercial break. again, we are waiting on this news conference. there is a lot of pressure on
this president. they want answers. they want answers on the irs, then godsey and all of it. we will take a quick break. dennis: what she said. [ laughter ] ♪ we know a place where tossing and turning have given way to sleeping. where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before.
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cheryl: once again, we continue to monitor this live picture out of washington. we are expecting a joint news conference from the turkish prime minister and president obama. in regards to the middle east. dennis: you know that old saying, when it rains it pours, i am sure that they have really been feeling that lately. they are now feeling it literally. peter: in the last segment, i have this app called my radar. here it is on my ipad. there is a wall of green headed our way. it could rain on the president rose garden. i have a nice big fox umbrella overhead. i hope to stay dry.
cheryl: we like to take care of our own here at fox. as we wait for this news conference to begin, it was supposed to start 45 minutes ago and it still has not begun. the question that has been filling the airwaves, what will the president say when he is challenged by reporters. rich edson has been following this story. rich: so much reporting in washington d.c. has to do with whether. i made sure that i requested that i be on capitol hill today and peter barnes of the stock at the white house. there are some questions. it is because of miller's
resignation. who, by the way, w acting tenur. they will continue this hearing tomorrow. it was the first of the hearings on this. not only because it is the first, but because the investigation has been going on for so long. they were looking into this a couple of years ago when a number of congressmen started getting requests and calls from team. that investigation started a couple of years ago. now, you have had a few hearings on this on capitol hill.
cheryl: standby, here comes president obama and turkish prime minister. >> good afternoon. it is a great pleasure to welcome my friend back to the white house. this is also another opportunity for me to return the extraordinary hospitality that they showed me on my visit to turkey four years ago. that included my visit to the prime minister's hometown of in -- his. today we discussed the many areas in which our country is cooperating.
we agree it is critical that we do not see that country acquired nuclear weapon and, potentially, trigger an arms race throughout the region. given our shared interest in peace, i want to know the prime efforts. this will benefit both the turkish and israeli people. today, we focused on three areas that i want to highlight here is first, we have reached key expanding and trade investment. u.s. exports to turkey have more than doubled. i want to make sure that we also keep deepening our economic ties
with turkey. the progress that turkeys economy has made over the last several years, i think, has been remarkable and the prime minister deserves much credit for some of the reforms that have already taken place. we are reaffirming our commitment to security. i want to express our condolences to the turkish people and the victims of the outrageous bombings that took place. as always, the united states stands with you. we want to thank you for the cooperation you have provided us in threats against the united states. i want to take this opportunity to commend you and the people
for your courage. just as the united states has stood with you, we will support efforts in turkey to uphold the rule of law and human rights for all. finally, we spent a great deal of time on an issue that has wracked the region. the issue of syria. the turkish people have shown extraordinary generosity to this year and to have found refuge in turkey. i know that this is a heavy burden. the united states will keep on helping countries in the region including turkey. we will keep working with our turkish partners to deliver the food shelter and medicine that is needed to save lives.
at the same time, we will keep increasing the pressure on the assad regime. turkey will play an important role as we bring representatives together in the coming weeks. we both agreed that assad needs to go. he needs to transfer power to an additional body. that is the only way that we will solve this crisis. it ii the source of stability. again, mr. prime minister, i want to thank you for being here and for being such a strong ally and partner.
i know michelle appreciates the opportunity to host you and your two wonderful daughters. i am looking forward to our dinner tonight. as always, we appreciate your advice. you are a little ahead of me in terms of your daughters ages. with the prime minister's permission, i want to make one other point. there has been discussion in congress lately about the attacks in benghazi. we lost four brave americans. i am intent in making sure we do everything we can to prevent another tragedy like this from happening. that means we owe it to them to do everything in our power to
protect everyone serving overseas. we have been taking a series of steps that were recommended by their review board. we are continuing to review our security at high threat diplomatic post, including the size and nature at our presidents, increasing intelligence and warning capabilities. we will not be able to do this alone. we will need congress as a partner. i am calling on congress to work with us to support and fully fund our budget request. we also need congress to work with us to provide the resources and authorities so we can fully
implement all of the recommendations of the accountable board. i want to say to members of congress in both parties, we need to come together. i will stay focused on this. with that, mr. prime minister, welcome to the united states. i am sorry that the weather is not fully cooperating with our lovely rose garden press conference, but i think we will be okay. >> thank you. mr. president, ladies and gentlemen, my dear friend,
president of the united states, friend and ally, i am very pleased to be here in washington to have meetings with the president. i would like to express my thanks for the hospitality that has been shown to us. in the presidents person, i would like to express our condolences for the terror attack that took place in boston. we express our condolences to the american people. we are a country which has been fighting for many years. -@we have lost many lives in the fight against terrorism. we very well understand the feelings and sentiments. as turkey and the united states, we are both determined to continue to fight jointly against terrorism. my dear friend, turkey and the
united states have many issues that covers the middle east to central asia to other areas, including issues as energy, security supply and many other issues. on all of these issues, we display a very strong corporation. we talked about relations between turkey and the united states and also about issues that remain on both of our agendas. we had an opportunity to exchange views on regional and global issues. that will continue throughout the day with other meetings. i am here with close to 100 business people and they are holding meetings as well.
we both -- trade stands at $20 billion. this amount is still not sufficient. we have to increase the amount of trade between our two countries. between turkey and united states will continue to develop and as we carried forward, we need to strengthen his relationship with free trade agreements and other trade agreements. i can tell you that as leaders of our nations, we have the will to continue. in our discussions that pertain to regional issues, syria was at the top of our agenda. while we discussed syria, we
talked about what has happened so far and we talked about what can be done in the future. we have views that overlap as the president has just said. we will continue to discuss this issue in greater detail in our meetings this evening. let me tell you, ending this bloody process in syria and meeting the demands of the people by establishing a new government, they are two areas where we are in full agreement. supporting the opposition and we also agree that we have to prevent syria from becoming an area of tourist organizations. these are all priority areas for all of us. we discussed what needs to be done on these issues with the
president and this evening we will continue to talk about these in greater detail. iraq was also another area of discussion for us on regional issues. transparent elections and the participation of insuring all political groups in the election are both very important. we would like to see a peaceful. in iraq. with respect to the middle east peace process. we discussed with the president, this important issue which is very important for regional peace. as you know, we are working with the israeli government for conver